Licensing is the process by which you (the inventor) come up with an idea or concept for a product, then simply sell that idea to a company and collect the royalties every single time they sell one.

HOLY CRAP. I DIDN’T EVEN KNOW THAT WAS POSSIBLE.

Whenever I think about inventors, I always picture Edison toiling in his lab for 25 years trying to create a lightbulb.

You’re telling me there’s a way to invent something by simply selling an idea without doing any of the other hard stuff….and make money?

Ok, you have my attention.

Now, let’s back it up…

When I first heard about Stephen’s concepts — and the ideas behind licensing ideas, even I was skeptical. Could it really be that easy?

(Don’t worry, i’ll address that concern within the first 30 seconds of the interview!)

The truth is, Stephen has spent nearly 30 years creating a step-by-step system for coming up with great product ideas and selling them to companies that’s easy to understand, repeatable, and (when you get it right) insanely profitable.

Along the way, he’s invented and licensed a ton of cool ideas. Oh, you know, little things like Lazer Tag and Teddy Ruxpin.

Basically, my entire childhood.

Watch today’s interview courtesy of my partnership with The Lip TV, where Stephen and I dig deep into how he’s made MILLIONS over the years by coming up with simple ideas, selling them and collecting huge royalties. Specifically, you’ll learn:

1:46 — Why you don’t need to reinvent the wheel to come up with a profitable idea

3:20 — The biggest mistakes that beginning entrepreneurs make (which ones are you making?)

6:39 — How to find “sleeping dinosaur” ideas for new products by simply going to the store

9:30 — How Stephen made one simple “tweak” to an existing idea and earned millions

14:01 — How to determine which companies to call, and who to talk to

4:44 — The real reason why companies don’t want to steal your ideas

18:43 — The exact cost you’ll incur to create a new idea, from beginning to end (it’s way lower than you think)

Much, much more on how to invent something that makes you money

I’m really excited for you to see this interview. It was one of my favorites I’ve ever done.

Daniel DiPiazza

Daniel is the founder and CEO of Rich20Something.
A millennial business mastermind, he has successfully started three consecutive freelance businesses and scaled them to over $100K in revenue with zero startup capital. His work is regularly featured in Time Magazine, Fortune, Entrepreneur, Business Insider, Fox News, and Yahoo! Business.
His debut book, Rich20Something, publishes on May 2, 2017.